Tag Archives: loan

By TED CARTER The Mississippi Senate approved installment-loan legislation Wednesday that supporters say creates options for cash-strapped borrowers but has opponents worrying it expands predatory lending. The bill, SB2409, won passage on a 38-11 vote. Supporters of legislation authored by Sen. Rita Potts Parks, chairwoman of the Business and Financial Institutions Committee, tout it as a way to ensure short-term loans ...

ACROSS MISSISSIPPI — A survey by Experian Automotive finds that 30- and 60-day automotive-loan delinquencies were up in the third quarter of 2014, and Mississippi is first and second, respectively, in both categories. According to its latest State of the Automotive Finance Market report, 30-day delinquencies grew 3.7 percent from the previous year. Similarly, 60-day delinquencies jumped 8.6 percent during ...

KiOR Inc., a biofuels manufacturer, is seeking bankruptcy reorganization, though its Columbus facility was left out of the filing, giving rise to hopes that a buyer may be found for it. KiOR said in its Chapter 11 filing Sunday night in the U.S. Bankruptcy Court in Delaware that it does intend to find a buyer for the plant. Joe Max ...

COLUMBUS — Biofuel maker KiOR Inc. has filed for bankruptcy, although its Mississippi subsidiary has not, preserving the chance that its Columbus plant could be sold quickly. The company, based in Pasadena, Texas, filed for Chapter 11 bankruptcy protection late Sunday in U.S. Bankruptcy Court in Delaware, where it’s incorporated. KiOR defaulted on a loan from Mississippi last week after failing ...

COLUMBUS — Mississippi has warned biofuel maker KiOR that it could demand immediate repayment of the company’s entire $69.4 million debt to the state, plus $8 million in interest, if the company doesn’t make its loan payment before a grace period runs out. Marlo Dorsey, a spokeswoman for the Mississippi Development Authority, said the state sent the letter yesterday. “Due ...

FULTON — A California-based biofuel company says the Export Import Bank of China may loan up to $270 million to build a plant in Fulton. BlueFire Renewables Inc. of Irvine, California, says the bank has signed a letter of intent. The U.S. Department of Energy ended funding to BlueFire last year after disbursing $12 million of an $88-million award, saying ...

BILOXI — The parent of The Peoples Bank reported a net loss of $1.8 million for the quarter ending Sept. 30. Peoples Financial Corporation CEO Chevis Swetman says the loss stemmed primarily from issues with two loans. Swetman says the bank’s fundamentals remain sound, though it was forced to write down one loan and move a second to nonaccrual status. ...

TUPELO — Renasant Corporation saw net income for the third quarter of 2014 increase to $15,535,000, or basic and diluted earnings per share (EPS) of $0.49, as compared to $6,637,000, or basic and diluted EPS of $0.24, for the third quarter of 2013. The company’s balance sheet and results of operations as of and for the three months ending Sept. ...

DESOTO COUNTY — The U.S. Small Business Administration (SBA) has approved Gov. Phil Bryant’s request for disaster assistance in DeSoto County. Residents, businesses and non-profit organizations affected by severe storms and flooding that occurred on Sept. 11 are eligible to apply for low-interest loans for recovery. The declaration covers DeSoto County and the adjacent counties of Marshall, Tate and Tunica. ...

The average graduate of the University of Mississippi (Ole Miss) School of Law has a student loan debt of $70,000 to $75,000. At the height of the recession, some law school grads had trouble landing attorney jobs making enough to pay back the loan. However, the Ole Miss law school has decreased the number of students accepted into law school, ...